A home remodeling business focuses on renovating or making additions to one's home. Architects oversee the home remodeling process and are responsible for coordinating with other home remodeling professionals to ensure their client's needs are met.
If you are an architect looking for a side income or even primary income opportunity, consider starting a home & office renovation business.
Starting a remodelling business requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell remodelling, or selling remodelling online, you can use this page as a guide for everything you'll need to know.
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$0||$7,000|
|Employee & Freelancer Expenses||$151||$352|
|Business Formation Fees||$600||$4,700|
|Equipment & Supply Expenses||$66||$700|
|Specific Industry Expenses||$500||$4,000|
|Advertising & Marketing Costs||$0||$2,300|
|Total Startup Costs||$1,702||$29,062|
|Remodeling Cost Calculator||remodelingcalculator.org||#290,468|
|National Association of the Remodeling Industry||nari.org||#440,743|
|Kitchen Remodeling Dallas TX||elitehomeremodeling.com||#588,396|
|Las Vegas Remodel and Construction||lvremodel.com||#1,102,814|
|Ethiopian Business Review – Magazine||ethiopianbusinessreview.net||#1,799,419|
|CMF International – transforming lives + communities||cmfi.org||#1,845,930|
Pros & Cons
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Scalable||With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.|
|Meaningful business connections||You never know who you will meet as a remodelling business. This could be the start of an incredible business opportunity!|
|High customer retention rates||Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.|
|Pick & choose the clients you work with||Remodelling Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!|
|Control of workload||With starting a remodelling business, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.|
|Motivation of employees||If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.|
|Low margins||The gross margins for your remodelling business are typically around 38%, which can make it more challenging to incur new expenses and maintain profitability.|
|High employee turnover||In the remodelling business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.|
|Stressful work||This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.|
|High overhead expenses||With starting a remodelling business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.|
|Churn||In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.|
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Social Media Advertising
Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.
According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.
Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.
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